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Capital One Provides $66MM Construction Loan for Seattle-Area Apartment Community

March 02, 2018, 07:11 AM
Filed Under: Construction

Capital One announced that it has provided a $66 million construction loan to Fairfield Residential for the development of Bear Creek, a 360-unit luxury apartment community in Redmond, Washington, a suburb of Seattle. Capital One has syndicated $22 million of the loan to Associated Bank and will hold the remainder. Senior Vice President Cathy Janke in Capital One’s Dallas office originated the transaction.

The 36-month adjustable-rate loan has two 12-month extension options.

“We were very pleased to work with Fairfield Residential on this exciting project,” Janke said. “Bear Creek is an easy walk to the stores and restaurants of Redmond Town Center, and lease-up should coincide with the opening of a new city park and the start of construction on a new commuter rail station just two blocks away.”

A repeat Capital One customer, Fairfield Residential is one of the largest private multifamily companies in the United States.

“We have chosen to work many times with Capital One because they thoroughly know their business and have taken the time to understand ours,” said Douglas Ness, Senior Vice President. “We expect seamless execution, and they deliver.”

In addition to residences, Bear Creek will include 1,716 square-feet of retail space and 366 parking spaces. Thirty-six of the units have been set aside as affordable housing for people earning no more than 60 percent of the area median income (AMI).

High-end unit amenities are projected to include quartz kitchen and bathroom countertops, designer fixtures, custom cabinetry, and oversized walk-in closets. The developers also plan to offer a fitness station, Wi-Fi lounge with co-working space, bicycle storage and repair station, and community clubroom.

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